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"Tomaso's Fortune and Other Stories" is a collection of short stories by Henry Seton Merriman, published in 1890. The stories are set in various European countries and explore themes of love, betrayal, and redemption. Merriman's masterful use of characterization and descriptive language creates vivid portraits of his characters and their surroundings, making this collection a compelling read for fans of literary fiction.

Fortune. --- Luck --- Opportunity

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Painting --- Luck, Constantin

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Annotation

Chance. --- Fortune. --- Fate and fatalism. --- Destiny --- Fatalism --- Fortune --- Philosophy --- Necessity (Philosophy) --- Luck --- Opportunity --- Probabilities

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Fate and fatalism --- Fortune --- Early works to 1800 --- -Fortune --- -Luck --- Opportunity --- Destiny --- Fatalism --- Philosophy --- Necessity (Philosophy) --- -Early works to 1800 --- Luck --- Fate and fatalism - Early works to 1800 --- Fortune - Early works to 1800 --- COLUCCIO SALUTATI --- OEUVRES --- EDITION CRITIQUE

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Persistence in mutual funds’ performance is a subject that has been highly debated among the literature. No consensus has been reached yet and most of the work related to the topic have been done on U.S. markets. However, due to the recent development in European market importance, it becomes easier and more relevant to study this market as well. 
Persistence in performance has important consequences from an economic and practical perspective, if persistence is proven to be existing, then it represents a serious challenge to market efficiency, and it could also represent an important screening mechanism for investors. 

This thesis will study the performance of active domestic equity funds in Europe, focusing on 5th countries that are France, Germany, Italy, Netherlands, and Spain. 

First, a review of the literature regarding market efficiency, active management, and performance persistence in the U.S. and in Europe is performed, then a quick summary about the dataset is described and then we explain the methodology that will be used. Finally, empirical results are analyzed. To perform the analysis, we use several multi-factor models to calculate performance, as well as the use of the False Discovery Rate (FDR) to identify funds with a truly significant alpha and to eliminate the chance factor. In addition, we also use a non-parametric approach by using the Winner-Loser test and performing statistical tests on its results.

The first objective of this paper is to give an overview on the efficiency of European markets and the existence of "Skill" among mutual fund managers by also testing whether past performance can give information on future performance (if the existence of persistence is proven).
And the second objective would be to study the performance of domestic funds knowing that there is a cognitive bias for investors called "home bias" which pushes investors to overweight domestic investments compared to international investments, and to know if this bias is motivated by an "informational advantage" or if it is simply motivated by the familiarity that investors have with these companies and would therefore be an irrational choice.

mutual fund, performance, persistence, dynamic investment strategies, multifactor model, regression, manager skills, luck, false discoveries --- Sciences économiques & de gestion > Finance